payment protection cover

Barry_Badrinath

Just wondering, can anyone tell me if payment protection cover on credit cards is actually worthwhile, or is a (slight) safety net.

Due to not keeping my eye on a credit card i've gone over my limit and i'm thinking about cancelling the ppc for a couple of months so i can pay a bit more off on top of whatever i repay.

There's a nagging feeling in the back of my head that i've heard martin lewis mention about them not working in my favour in the instances of needing them, but i can't recall if thats accurate or whether i'm thinking about comments over secured loans.

it's would be very very unlikely (touch wood) that i'll be losing my job any time in the near future so from that pov it doesn't concern me that much.

CannyJock

Why pay for insurance that you don't need? I avoid all insurances and extended warranties like the plague.

If your job is secure and you're affording the card repayments then what exactly are you insuring against?

Insurance companies make a profit. They make that profit by collecting more than they pay out. Why feed their profits?

Unless it's a legal requirement, don't take any insurance unless you cannot afford to replace the item any other way (white goods are classic - if it doesn't break down in the first year when you've got the free warranty then it probably won't)

stephane_2

I would not bother, cancel and put that money towards paying off CC balance